The Bank of France organised on 21 March 2013 a conference on the theme of “green growth”. This concept implies finding a balance between the environment and growth in order to maximise welfare – present and future. This involves applying a weighing-up approach for the present and future through an appropriate discount rate. Given this discount rate, it is up to decision makers to develop and to implement policies to combat climate change, in the most effective way possible.
To achieve this, it is necessary to develop assessment tools for climate policies. In addition, greater global coordination seems necessary today. Although the main responsibility for the increase in greenhouse gas emissions (GHG ) lies currently with developed countries, if emerging and developing countries follow the same pattern of growth, this could significantly worsen the situation; thus a global agreement is paramount.
On a smaller scale, and in the absence of a binding global agreement for the moment, it is up to everyone to try to be more respectful of the environment and businesses have a role to play in addressing the challenge of sustainable development.